African Development Center

Minneapolis, MN   |  http://WWW.ADCMINNESOTA.ORG

Mission

GROW BUSINESSES, BUILD WEALTH AND INCREASE REINVESTEMENT IN THE AFRICAN COMMUNITIES OF MINNESOTA

Ruling year info

2004

Principal Officer

NASIBU SAREVA

Main address

1931 S 5th St

Minneapolis, MN 55454 United States

EIN

20-0553370

NTEE code info

Ethnic/Immigrant Services (P84)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Programs and results

What we aim to solve

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Our programs

SOURCE: IRS Form 990

What are the organization's current programs, how do they measure success, and who do the programs serve?

Program 1

ADC'S CULTURALLY COMPETENT BUSINESS DEVELOPMENT SERVICES AND ITS PARTNERSHIPS WITH CRUCIAL FUNDING SOURCES HAVE DIRECTLY CONTRIBUTED TO THE SURGE IN AFRICAN-OWNED BUSINESSES THROUGHOUT MINNESOTA. IN ADDITION TO ONGOING TECHNICAL ASSISTANCE, ADC HAS AN ENTREPRENEURIAL TRAINING CLASS FOR CLIENTS LOOKING TO START A COMPLETELY NEW BUSINESS. ADC MADE 104 LOANS IN 2022 WITH A TOTAL APPROVED LOAN AMOUNT OF $4,676,500 AND THEY LEVERAGED OVER $7 MILLION. FROM OUR 2022 LOANS, 87.5 JOBS HAVE BEEN RETAINED AND 141.5 NEW JOBS HAVE BEEN CREATED. THE GREAT MAJORITY OF THESE LOANS AND JOBS CREATED AND RETAINED ARE BLACK-OWNED AND OPERATED SMALL BUSINESSES. 96% OF OUR LOAN DOLLARS WENT TO BLACK-OWNED BUSINESSES AND 48% WENT TO WOMEN-OWNED BUSINESSES.

Expenses
$1,969,919
Revenue
$661,014

Where we work

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Financials

African Development Center
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Operations

The people, governance practices, and partners that make the organization tick.

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This organization has no recorded board members.